Corporate Law : This article explains the revised ₹25 lakh exemption limit under Section 10(10AA). The key takeaway is that while the benefit is...
Income Tax : Taxpayers who applied the old ₹3 lakh limit can still correct the mistake by revising their return. Revision before the deadline...
Income Tax : Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing re...
Income Tax : Analyses how multiple ITAT rulings extend the enhanced ₹25-lakh exemption to earlier years, treating CBDT’s notification as a ...
Income Tax : Learn about the tax treatment of key retirement benefits in India, including gratuity, pension, leave encashment, provident fund, ...
Income Tax : The Tribunal held that the enhanced exemption limit of ₹25 lakh under CBDT Notification No. 31/2023 applies to leave encashment ...
Income Tax : The Tribunal addressed denial of leave encashment exemption restricted to ₹3 lakh. It held that the revised CBDT limit of ₹25 ...
Income Tax : The Kerala High Court held that employees originally from the DoT and later absorbed into the PSU must be treated as retiring from...
Income Tax : The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ...
Income Tax : ITAT Jaipur allows full leave encashment of ₹12.13 lakh under Section 10(10AA), citing CBDT Notification No. 31/2023 and judicia...
The Tribunal held that the enhanced exemption limit of ₹25 lakh under CBDT Notification No. 31/2023 applies to leave encashment claims under Section 10(10AA)(ii). Full exemption of ₹10.15 lakh was allowed to the retired SBI employee.
The Tribunal addressed denial of leave encashment exemption restricted to ₹3 lakh. It held that the revised CBDT limit of ₹25 lakh applies, allowing full exemption within the threshold.
The Kerala High Court held that employees originally from the DoT and later absorbed into the PSU must be treated as retiring from Central Government service. As a result, tax deduction on leave encashment based on an executive instruction was set aside.
The Tribunal held that CPC wrongly applied the outdated ₹3 lakh ceiling despite Notification No. 31/2023 enhancing the limit to ₹25 lakh. Since the retirement benefit was within the revised cap, full exemption under Section 10(10AA) was directed.
This article explains the revised ₹25 lakh exemption limit under Section 10(10AA). The key takeaway is that while the benefit is clear for recent years, earlier cases require careful legal evaluation.
Taxpayers who applied the old ₹3 lakh limit can still correct the mistake by revising their return. Revision before the deadline is the quickest way to secure refunds under the enhanced ₹25 lakh exemption.
ITAT Jaipur allows full leave encashment of ₹12.13 lakh under Section 10(10AA), citing CBDT Notification No. 31/2023 and judicial precedents.
Tribunal holds that leave encashment is fully exempt as the updated CBDT limit of ₹25 lakh applies. The rectification restricting exemption to ₹3 lakh was set aside.
The Tribunal held that the enhanced ₹25-lakh limit under section 10(10AA) must be applied based on earlier co-ordinate bench rulings. The key takeaway is that restriction to ₹3 lakh was deleted.
Section 119(2)(b) applications enable retirees to claim leave encashment exemption up to ₹25 lakh, condoning delays in filing revised returns.
